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Post Info TOPIC: Bookkeeping for an Independent Bookmakers
woody88


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Bookkeeping for an Independent Bookmakers
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Afternoon all,

I have been asked to quote on potential monthly Bookkeeping job for an independent firm of Bookmakers.

What is confusing me is that the owner has said that betting income is expected to be £ 10 - 20k per week, so on the face of it, it looks like a huge task. However, he has said that they will also pay out in winning between £ 5 - 15k.

The system which takes the incoming bets essentially logs all clients bets taken and for everything that the Bookmaker wins, they also take a % of that income. For any bets that the customers win they let the bookmaker pay this.

The system is quite sophisticated and allows for daily, weekly an monthly reporting. The client has said that the income shuld be termed as commissions and it should be the difference between the bets won and lost, less the commission paid.

I think there will also be some debtors as not all winers will collect the winnings on the day, they not even collect at all.

Has anybody got any experience of completing bookkeeping for a bookmakers to check that I am on the right lines, as I think I can pretty much print the information that I require fro the system and then create some kind of Cash and Bank Control to check it's correct.

Any advise would be great.

Ben



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Stuartbham


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Hi Ben

Although I've never done the bookkeeping for a bookmakers I did used to work in one as a cashier. 

Back then it was very paper driven with paper bet slips etc but now I imagine it's all software based. If thats the case your thinking sounds good in terms of commission. 

HTH



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Stuart

Birmingham City FC - Blues is my religion St Andrews is my church
woody88


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Date:
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Thanks for the reply Stuart,

Glad my method seems ok to you and not complete madness.

Ben



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